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Best Buy follows Amazon into the clouds
Nov 04, 2009 01:40 PM UTC

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Filed under: Apple Inc (AAPL), Amazon.com (AMZN), Netflix, Inc. (NFLX), Blockbuster Inc 'A' (BBI), Best Buy (BBY), Media World, Technology

Best Buy (NYSE: BBY) may be the world's largest electronics retailer, but it realizes that it faces a huge threat to a hefty chunk of its business. Apple (NASDAQ: AAPL) is moving plenty of movies and other soon-to-be former DVD fare through iTunes, staking a claim on a business that once belonged to Best Buy. The big box store is getting ready to fight back (finally?).

Using technology it's licensing from Sonic Solutions (NASDAQ: SNIC), Best Buy is opening an online store for movies and television shows. Best Buy CEO Brian Dunn says this move will expand the company's presence in services and will bolster company loyalty. That's the press release version, of course. The reality is that Best Buy needed to do something to protect this portion of its revenue and probably should have made the move several years ago.

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Best Buy follows Amazon into the clouds originally appeared on BloggingStocks on Wed, 04 Nov 2009 08:40:00 EST. Please see our terms for use of feeds.

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